VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: SWC.DB) today
announced results for the final nine holes from its 101-hole 2007
drill program at the high grade Minto copper-gold mine in the
Yukon. Highlights include the recognition of a significant
opportunity to expand near surface resources at Area 2, further
confirmation of high grade copper-gold mineralization at Area 118
and Ridgetop East, as well as a new discovery of near surface, high
grade mineralization at Ridgetop West. Highlights of these recent
results are tabulated below, while complete results for these final
nine holes of the 2007 program are attached.
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Inter- Inter-
Inter- From To val val Copper Gold Silver
Hole ID Target val (m) (m) (m) (ft) (%) (g/t) (g/t)
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07SWC-234 Area 118 A118M 204.3 211.6 7.3 24.0 3.83 1.84 13.7
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07SWC-240 Ridgetop W. New(1) 103.9 114.2 10.3 33.8 2.72 1.37 9.9
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including 106.9 112.2 5.2 17.1 3.47 1.57 12.2
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07SWC-251 Ridgetop E. 72.0 96.3 24.3 79.7 1.00 0.35 2.6
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including 72.0 79.5 7.5 24.6 2.08 0.81 5.0
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07SWC-257 Area 118 297.8 319.3 21.5 70.5 1.59 0.90 5.5
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including 310.5 315.9 5.4 17.7 4.66 2.97 15.4
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07SWC-269 Area 2 L 37.2 51.1 13.8 45.3 1.29 0.34 4.5
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including L 45.1 51.1 6.0 19.7 2.45 0.69 9.4
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M 88.0 93.3 5.3 17.4 2.17 0.65 9.1
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(1) This is a new discovery with an inclined hole. There is insufficient
data to calculate a true thickness, however using a similar geometry
to mineralized horizons found elsewhere on the property it is assumed
to be approximately 70% of the intersected interval.
"This is an excellent finish to a very successful 2007
exploration program, with four targets delivering high grade
results over significant intervals," said Stephen Quin, Sherwood's
President & CEO. "Especially encouraging is hole 07SWC-269,
where shallow, high grade mineralization was found in close
proximity to the Area 2 reserves included in the recent
Pre-feasibility Study (PFS). Hole 07SWC-269 stepped out more than
110m to the southeast of the nearest 2006 Sherwood hole used in the
Area 2 PFS, opening up the potential for a near surface expansion
of the Area 2 deposit. The good grades and shallow depths of this
mineralization in an area immediately adjacent to the positive PFS
make this a high priority target for drill testing in 2008 and
could lead to potential resource expansions," said Mr. Quin.
"Further, the discovery of near surface, high grade
mineralization at Ridgetop West illustrates the potential for new
near-surface discoveries at Minto," said Mr. Quin, "while the
continued high grade intercepts in Area 118 and Ridgetop East
enhance the potential of those areas to add significant resources
to the Minto Mine, beyond those previously announced. In addition
to near surface mineralization, we are steadily building up an
inventory of deeper high grade intersections at the Minto Mine that
opens up the vertical dimension to this highly prospective
property, a dimension that has received little exploration
attention in the past," he added.
Geology models to support new NI 43-101 compliant mineral
resource estimates incorporating the results of the 2007 drilling
are currently under construction, while planning for a significant
2008 exploration program is well advanced, with drilling expected
to recommence within a month.
2007 Drill Program
At 23,292 metres of drilling, the 101-hole campaign was more
than 40% larger than originally budgeted, a direct result of the
significant discoveries made during 2007. The objective of the 2007
exploration program was firstly to more fully define the limits of
the Area 2 deposit and provide technical information for the PFS,
but mostly to broadly test a wide swath of the Minto property to
the south, west and between the Minto and Area 2 deposits. These
are areas where various combinations of prior drilling, geophysics
and Sherwood's geological interpretation suggested potential for
the discovery of further high grade copper-gold mineralization.
In the 2007 program, ten holes were drilled for geotechnical and
metallurgical purposes; five in the Minto pit and five at the Area
2 deposit, while 91 holes were drilled for exploration purposes.
Significant new discoveries were made in the 2007 at the Area 118,
Copper Keel, Airstrip and Ridgetop prospects and in the Gap between
the Minto Mine and Area 2. These prospects are discussed in more
detail in the March 5, 2007 news release and are identified on the
accompanying maps:
To view the Priority Exploration Corridor Map, please click on
the following link:
http://media3.marketwire.com/docs/SWCmap1.JPG
To view the Gradient IP Map, please click on the following link:
http://media3.marketwire.com/docs/SWCmap2.JPG
This release includes holes from the following areas: Area 118
(5); Area 2 (1); Central Airstrip (1); East Ridgetop (1); and West
Ridgetop (1). For current drill hole locations, please view the
accompanying map:
To view the Drill Hole Location Map, please click on the
following link: http://media3.marketwire.com/docs/SWCmap3.JPG
Minto Mine
The Minto project encompasses a number of high-grade copper-gold
deposits located in the Yukon Territory of Canada. Sherwood
acquired the original Minto deposit in June 2005 and, in just two
years from its acquisition, completed a bankable feasibility study,
arranged project financing, and built a $100 million open pit
copper-gold mine. Commercial production commenced on October 1,
2007. In parallel with these development activities, Sherwood has
been running an exceptionally successful exploration program that
has resulted in multiple discoveries of high grade copper-gold
mineralization across its Minto Mine property. A recent
pre-feasibility study indicates how production at the Minto Mine
could be increased as a result of exploration successes related to
just the Area 2 discovery in 2006. Subsequent discoveries in 2007
are now being evaluated.
Sherwood
Sherwood's successful consolidation of the ownership of the
Minto project provides a unique investment opportunity -
participation in a high-grade, open pit copper-gold mine located in
Canada with tremendous exploration upside. Aggressive exploration,
in parallel with successful mine development and operations,
provides Sherwood the opportunity to grow from within through
resource and reserve additions in pursuit of further production
expansions. Sherwood plans to continue this "growth from within"
strategy, along with further operational optimizations and the
pursuit of merger & acquisition opportunities, in its
relentless pursuit of value.
Quality Assurance
The technical information in this news release has been prepared
in accordance with Canadian regulatory requirements set out in
National Instrument 43-101 and reviewed by Stephen P. Quin, P.
Geo., President & CEO for Sherwood Copper Corporation. The
exploration activities at the Minto project site are carried out
under the supervision of Brad Mercer, P. Geol., Exploration Manager
with Sherwood.
The analytical method for the copper, gold and silver analyses
is multistage acid digestion of the samples followed by atomic
absorption spectroscopy for copper and fire assay with atomic
absorption spectroscopy finish for gold and silver carried out by
ALS Chemex in North Vancouver. When visible gold is noted in drill
core samples or regular fire assay values appear abnormally high,
the pulp and screen metallic assay method is used to determine the
total gold content and gold contents of different size fractions.
This is considered industry best practice when dealing with coarse
gold mineralization where a nugget effect is suspected. This
determination is accepted as the most representative value and is
used in the assay database for resource calculations. Blank and
standard samples are used for quality assurance and quality
control, and any check samples that assay outside the expected
ranges results in the entire batch being re-assayed. After the
completion of planned drill programs at Minto, random check assays
will be carried out by Acme Analytical of Vancouver.
Assay intervals reported herein are drill core lengths unless
otherwise stated. Because the deposit is essentially flat lying and
most drill holes reported to date are vertical, true widths are
generally expected to be the same as reported core lengths unless
otherwise stated.
Additional Information
Additional information on Sherwood and its Minto Project can be
obtained on Sherwood's website at
http://www.sherwoodcopper.com.
On behalf of the board of directors
SHERWOOD COPPER CORPORATION
Stephen P. Quin, President & CEO
This news release may contain forward looking statements which
are not historical facts, such as ore reserve estimates,
anticipated production or results, sales, revenues, costs, or
discussions of goals and exploration results, and involves a number
of risks and uncertainties that could cause actual results to
differ materially from those projected. These risks and
uncertainties include, but are not limited to, metal price
volatility, volatility of metals production, project development,
ore reserve estimates, future anticipated reserves and cost
engineering estimate risks, geological factors and exploration
results. See the Company's filings for a more detailed discussion
of factors that may impact expected results.
2007 Drill Statistics - Minto Property
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Phase I Phase II Total Status
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Drill Area and Type Assay Data Assay Data
of Hole Feb - April May - Oct 2007 Released Pending
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Exploration Holes
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Airstrip SW 0 11 11 11 0
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Airstrip C. 0 2 2 2 0
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Area 2 0 9 9 9 0
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Area 118 0 27 27 27 0
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Copper Keel S. 0 4 4 4 0
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Gap 6 0 6 6 0
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IROD 0 4 4 4 0
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Ridgetop E 0 25 25 25 0
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Ridgetop W 0 3 3 3 0
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6 85 91 91 0
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Geotech / Met Holes
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Area 2 5 5 5 0
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Minto 5 5 5 0
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5 5 10 10 0
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Summary All Holes
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# of Holes 11 90 101 101 0
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# of Metres 2,701 20,591 23,292
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Details of Drill Results
To accompany Sherwood Copper News Release Dated February 13, 2008
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Inter- Inter-
Hole ID Interval From To val val Copper Gold Silver
& Target ID (m) (m) (m) (ft) (%) (g/t) (g/t)
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07SWC-234 204.3 211.6 7.3 24.0 3.83 1.84 13.7
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"Area 118"
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07SWC-236 62.6 85.3 22.7 74.5 0.63 0.14 2.1
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"Area 118" including 74.4 84.0 9.6 31.5 1.03 0.19 3.0
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including 80.8 82.8 1.9 6.2 3.33 0.47 10.2
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184.1 192.4 8.3 27.2 0.99 0.25 3.2
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07SWC-239 99.6 100.7 1.1 3.6 1.08 0.04 0.6
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"Airstrip C"
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07SWC-240 8.1 14.0 5.9 19.4 0.70 0.12 1.4
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"Ridgetop W" 41.8 49.3 7.4 24.3 0.74 0.01 0.1
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103.9 114.2 10.3 33.8 2.72 1.37 9.9
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including 106.9 112.2 5.2 17.1 3.47 1.57 12.2
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07SWC-251 38.8 45.8 7.0 23.0 0.63 0.06 0.3
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"Ridgetop E" 72.1 96.3 24.3 79.7 1.00 0.35 2.6
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including 72.0 79.5 7.5 24.6 2.08 0.81 5.0
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113.1 118.5 5.5 18.0 0.98 0.21 2.7
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07SWC-257 74.9 103.9 29.0 95.1 0.46 0.10 1.2
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"Area 118" including 90.0 103.9 13.9 45.6 0.64 0.15 1.8
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297.8 319.3 21.5 70.5 1.59 0.90 5.5
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including 310.5 315.9 5.4 17.7 4.66 2.97 15.4
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07SWC-259 51.2 60.2 9.0 29.5 0.44 0.05 1.0
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"Area 118" 69.6 73.3 3.7 12.1 0.55 0.12 2.3
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125.0 138.0 13.0 42.7 0.83 0.12 2.0
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including 125.0 129.5 4.5 14.8 1.49 0.23 3.5
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07SWC-267 21.3 29.1 7.8 25.6 0.76 0.10 0.9
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"Area 118" 95.0 108.5 13.5 44.3 0.45 0.04 0.8
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320.0 342.6 22.6 74.1 0.40 0.14 1.8
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07SWC-269 11.1 12.2 1.1 3.6 3.62 0.44 2.1
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"Area 2" 37.2 51.0 13.8 45.3 1.29 0.34 4.5
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including 45.1 51.1 6.0 19.7 2.45 0.69 9.4
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88.0 93.3 5.3 17.4 2.17 0.65 9.1
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108.8 111.1 2.3 7.5 0.83 0.15 2.2
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The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press
release.
Contacts: Sherwood Copper Corp. Stephen Quin President & CEO
(604) 687-7545 or 1-888-338-2200 Sherwood Copper Corp. Brad Kopp
(604) 687-7545 or 1-888-338-2200 Sherwood Copper Corp. Kristy
Reynolds (604) 687-7545 or 1-888-338-2200 (604) 689-5041 (FAX)
Website: www.sherwoodcopper.com
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